The September NASDAQ 100 was lower due to light profit taking overnight as it consolidated some of last Friday's rally. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. Closes above June's high crossing at 2628.25 are needed to renew the rally off June's low. Closes below the 20-day moving average crossing at 2555.68 would temper the near-term friendly outlook. First resistance is June's high crossing at 2628.25. Second resistance is the reaction high crossing at 2639.75. First support is the 20-day moving average crossing at 2555.68. Second support is last Thursday's low crossing at 2503.50.
The September S&P 500 index was higher in overnight trading as it extends last Friday's rally. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's low, May's high crossing at 1395.50 is the next upside target. Closes below the 20-day moving average crossing at 1324.23 would temper the near-term bullish outlook. First resistance is the overnight high crossing at 1362.30. Second resistance is May's high crossing at 1395.50. First support is the 10-day moving average crossing at 1333.15. Second support is the 20-day moving average crossing at 1324.23.
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